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Barclaycard CashForward Review: 1.5% Worth It?

Editorial Note: This content is not provided by the card issuer. Opinions expressed here are author's alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer.This article contains references to products from our partners. We receive compensation if you apply through links in our content. You help support CreditDonkey by reading our website and using our links. (read more)

Are you proud of your excellent credit? You should be, as you're a wanted person. The Barclaycard CashForward™ World Mastercard®, aimed at people who have great credit, rewards you nicely. With its generous $200 promotion and its above-average 1.5% cash rewards on all purchases, this cash back credit card is worth considering.

11/28/2017 Update: We're sorry, Barclaycard CashForward™ World Mastercard® is no longer available on CreditDonkey. This offer may have been discontinued or may no longer be available to new applicants.

Overall Score

4.0

Rewards

4.5

Interest Rates

3.0

Fees

4.5

Benefits

4.0

5-point scale (the higher, the better)

Pros and Cons

Sign up bonus promotion

Unlimited 1.5% cash rewards

Intro APR

No annual fee

3% foreign transaction fee

Bottom Line

Excellent no annual fee credit card with higher than average cashback rewards

Did you know: There is a more popular Barclaycard credit card. The Barclaycard Arrival Plus offers 2x miles on all purchases.

Barclaycard CashForward offers more cash back, but it's just for people with excellent credit.

8 Reasons to Get the Card

You want a sign-up bonus and you want it to be easy.With the Barclaycard CashForward, all you have to do is spend $1,000 on qualifying transactions in the first 90 days after you open your account to get the $200 cash rewards bonus. In percentage terms, that amounts to 20% on that initial $1,000 spend.

But to qualify for the card, you'll need excellent credit. To learn more about the promotion, visit Barclaycard's secure website.

You want more cash back.You have the potential to earn more over time with the Barclaycard CashForward 1.5% cash back flat rate compared to the 1% that many other cards offer.

Yes, the difference doesn't sound like much, but it can add up if you make this cashback credit card your regular card. Let’s say you spend $1,500 on purchases each month (including groceries, utilities, and gasoline); you’ll earn $22.50 back monthly (as opposed to only 15 bucks with a 1% cash back card). In one year, you’ll have $90 more in rewards to do as you wish.

You get rewarded for redeeming your rewards. Now this is a cool perk, and one you don’t see with many other cards.

Every time you redeem your rewards, you get a 5% cash rewards redemption bonus to use toward your next redemption. For example, if you redeem $125 bucks in cash rewards, you’ll earn another $6.25 cashback to use toward your next redemption - just for cashing in on your rewards.

You don’t want to worry about rewards expiring.Keep your account open, active and in good standing, and five years from now, if you’ve forgotten to redeem the hefty cash back you’ve earned, you can still do it.

You want to make a balance transfer.You'll get 0% introductory APR for 15 months on each balance transfer made within 45 days of account opening.After that a variable APR will apply, currently 15.99%, 20.99% or 23.99%, depending on your creditworthiness

Transfer your balance from a high interest credit card. A balance transfer is one of the best way to pay down credit card debt fast. But keep in mind, if you plan to do a balance transfer, you will be charged a 3% balance transfer fee (w/ a $5 minimum). Here is a link to a handy balance transfer calculator to run the math.

Tip: This card also has a 0% intro APR for the first 15 months on purchases. After that, a variable APR, currently 15.99%, 20.99%, or 23.99%, depending on your creditworthiness. If you have a large purchase to make soon, an introductory APR on purchases can come in handy.

There’s no limit to the cash back you can earn.The 1.5% cash back on eligible purchases is unlimited. That means: no cap. Many cards with rotating bonus categories have a $1,500 spending limit each quarter. With this card, you can spend as much as you want (up to your credit limit, of course), pay it off each month, and earn as much in rewards as you can.

There’s no annual fee.You’ll get a decent cash back percentage without having to pay a yearly fee to use the card.

You can redeem your rewards in several ways.Some cards will only apply your cash back rewards as a statement credit. With the Barclaycard CashForward, you have the option to have your earned dollars deposited in your U.S. checking or savings account, redeemed for gift cards, or, if you want to chisel down your balance, applied as a statement credit.

Reasons to Consider Another Card

If you travel abroad often: The Barclaycard CashForward will cost you 3% in foreign transaction fees each time you use the card overseas, so if you’re a frequent international traveler, this is not the card you’ll want to take with you. Consider a credit card with no foreign transaction fee, such as the Barclaycard Arrival Plus instead. The Barclaycard Arrival Plus offers 2x miles on all purchases, but it has a $89 annual fee (waived first year).

How it Compares

If you like to travel and play the airline miles and points game, the Chase Sapphire Preferred card will better suit you as, in our opinion, it has much better travel rewards than the Barclaycard CashForward. It does have an annual fee ($0 intro annual fee for the first year, then $95) but the travel rewards you reap can potentially outweigh that cost. There’s $0 foreign transaction fee, and you’ll earn 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide.

The sign-up bonus is better than the Barclaycard CashForward if you qualify. You can earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®.

Why you should stick with the Barclaycard: With only 1 point per dollar spent on non-travel/dining purchases, the Barclaycard CashForward 1.5% flat cash back and no annual fee is a better bet than the Chase Sapphire Preferred card for big spenders who want cash back.

If most of your spending is on groceries and gas: With the Blue Cash Preferred from American Express, a CreditDonkey advertiser, you’ll get 6% cash back on purchases at U.S. supermarkets (up to $6,000/year in purchases, then 1%) and 3% cash back on purchases at U.S. gas stations and select U.S. department stores. All other eligible purchases earn 1% cash back.

So, if you’re a big grocery shopper or drive a lot, the Blue Cash Preferred Card could be the one to garner you better rewards over time than the Barclaycard CashForward.

But wait. There is an annual fee to contemplate.

Other Cash Back Cards to Consider:Some cash back cards (such as the Chase Freedom and Discover It) change things up by giving up to 5% back on certain spending categories that change every quarter and 1% on other purchases. For some people, it’s fun to track those special categories, while other people find it confusing (especially if you have to remember to sign up each time and keep track of the spending limits). In comparison, the Barclaycard CashForward™ World Mastercard® offers 1.5% on all purchases.

Citi Double Cash offers the ability to earn cash back twice, but there are catches. There is no sign up bonus and the rewards expire after 12 months if there is no activity on the account. The Barclaycard CashForward™ World Mastercard® offers a $200 cash rewards bonus after you spend $1,000 in purchases within the first 90 days after account opening. You'll have to spend and make payments on $10,000 in purchases on the Citi Double Cash to earn $200 cashback.

Bottom Line

The Barclaycard CashForward™ World Mastercard® is a solid cashback card with additional perks you won’t find on many other cards — with the higher than average 1.5% flat cash back rate, the jaw-dropping $200 sign-up bonus after spending just $1,000 within the first 90 days, and the 5% rewards redemption bonus being the most attractive.

11/28/2017 Update: We're sorry, Barclaycard CashForward™ World Mastercard® is no longer available on CreditDonkey. This offer may have been discontinued or may no longer be available to new applicants.

Cynthia Cohen is a retail analyst at CreditDonkey, a credit card comparison and financial education website. Write to Cynthia Cohen at cynthia@creditdonkey.com. Our data-driven analysis has been recognized by major news outlets across the country and has helped consumers make savvy financial and lifestyle decisions. (read more)

Editorial Note: This content is not provided by Barclaycard. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Barclaycard. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: This content was first published on February 24, 2016. This content may have been updated on August 30, 2016. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Barclaycard website for updated information.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: The information for the Chase Freedom, Discover it® - Cashback Match™, and Citi® Double Cash Card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

Most credit cards tack on a 3% charge, or foreign transaction fee, on purchases made outside the United States. If you travel internationally with a no foreign transaction fee credit card, you'll save money on your purchases.

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.